Lithuania Inflation July 2017

Lithuania: Inflation continues its ascent in July

August 18, 2017

Consumer prices in Lithuania fell 0.3% in July from the previous month, contrasting revised 0.3% increase observed in June and marking the lowest reading in almost one year. According to the Statistical Institute, the figure mostly reflected lower prices for clothing, footwear and vegetables, which more than offset higher prices for passenger air transport services, tobacco, paramedical services, oil and gas, gas and holiday vacations.

Inflation came in at a multi-year high of 3.9% in July, above June’s 3.6%. Meanwhile, harmonized inflation (based on the Harmonized Index of Consumer Prices, HICP) came in at an over five-year high of 4.1% in July, up from June’s 3.5%. Lastly, annual average HICP inflation rose from 2.0% in June to an 2.3% in July.

FocusEconomics Consensus Forecast panelists expect harmonized inflation to reach 1.6% in 2017, which is down 0.1 percentage points from last month’s estimate. In 2018, the panel sees inflation accelerating to 2.2%.

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Consumer prices fell 0.4% month-on-month in August, following a milder 0.3% drop in July, and marking the strongest contraction so far this year.
A breakdown of the sub-components provided by Statistics Lithuania showed that 5 of the total 12 sub-components saw a fall in prices, led by considerably lower prices for housing and utilities, which more than offset higher prices for alcoholic beverages and tobacco.

Consumer prices fell 0.3% month-on-month in July, following a milder 0.2% drop in June, and marking the strongest contraction so far this year.
A breakdown of the sub-components provided by Statistics Lithuania showed that just 2 of the total 12 sub-components saw a fall in prices, led by considerably lower prices for clothing and footwear, which more than offset higher prices for recreation and culture; hotels, cafés and restaurants; and food.

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